Table 11-2
Food and soft drink manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Food and soft drink manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 3,271 3,947 4,271 4,696 4,470
Plus: consolidation and conceptual adjustments -215 -653 549 97 1,717
Plus: current taxes, including mining 1,079 938 1,102 978 999
Plus: deferred income taxes -116 -105 6 210 125
Less: profit of tax exempt corporations -1 0 1 -39 1
Deductible dividends 1,914 865 2,207 1,538 3,267
Adjusted profit before taxes 2,106 3,262 3,719 4,483 4,043
Exemptions and deductions:  
Book capital gains and losses 295 292 153 72 124
Less: taxable capital gains 194 121 90 144 93
Net difference, capital gains and losses 101 171 63 -73 31
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 6 -4 4 475 848
Total, exemptions and deductions 107 166 66 402 879
Timing differences:  
Depreciation 1,799 1,890 1,913 1,738 1,766
Less: capital cost allowance 1,631 2,062 2,265 2,978 2,039
Net difference, depreciation 167 -172 -352 -1,240 -273
Natural resources expenses, (books) 2 1 0 0 2
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 1 1 0 0 2
Charitable donations net difference, (books minus tax) 6 3 0 -16 -6
Other timing differences 1,269 712 597 1,257 1,132
Total, timing differences 1,444 544 245 1 855
Net taxable income 3,443 3,640 3,898 4,082 4,019
Less: prior year losses applied 286 336 414 254 245
Taxable income (tax base) 3,157 3,305 3,484 3,828 3,774
Taxes:  
Tax otherwise payable 1,214 1,264 1,325 1,456 1,433
Surtax 35 4 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 317 330 348 381 376
Small business deduction 38 42 45 45 45
Manufacturing and processing profits deduction 118 158 180 230 238
Investment tax credit 26 29 30 30 31
Other credits 92 94 106 124 150
Net part 1 tax payable 658 616 617 647 593
Other direct federal taxes 10 14 27 30 36
Federal tax payable 668 630 644 677 629
Provincial tax payable 337 369 421 420 397
Total taxes 1,005 999 1,065 1,097 1,026
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